In a deal designed to stem the tide of runaway production from Hollywood’s home state, California Gov. Jerry Brown today announced his support of legislation that will triple tax credits for entertainment companies doing business in the state.

“The increase in tax credits, aimed at luring production back to California even as other states offer tax breaks of their own, comes just a few weeks after the California Film Commission said the state had lost $2 billion in the past four years alone as producers sought cheaper places to do busines...